Manufacturers account for 24% of fourth-quarter layoffs
n the fourth quarter of 2007, there were 1,619 mass layoff events that resulted in the separation of 265,454 workers from their jobs for at least 31 days, according to preliminary figures released February 14 by the U.S. Department of Labor’s Bureau of Labor Statistics. The construction industry experienced a record high in both layoff events and separations in the fourth quarter of 2007. Other industries registering fourth-quarter highs in terms of separated workers were arts, entertainment and recreation, and finance and insurance, the latter mostly due to higher layoff activity in credit intermediation and related activities. Both the total number of layoff events and the number of separations were lower than during the October-December 2006 time period.
Among the seven categories of economic reasons for layoff, the completion of seasonal work accounted for the highest share of events (42 percent) and number of separations (119,325) in October-December 2007. Layoffs due to business demand reasons had the next highest proportion of events (34 percent). The only category of economic reasons for which the number of separations increased over the year was financial issues.
Sixty-one extended mass layoff events involved the movement of work and were associated with the separation of 10,076 workers. These events accounted for 7 percent of the non-seasonal layoff events and non-seasonal separations.
Permanent closure of worksites occurred in 8 percent of all extended mass layoff events, the lowest proportion reported since collection began in 1996. Events involving permanent closures affected 27,723 workers, down from 43,158 separations reported during the fourth quarter 2006. Fifty-six percent of employers reporting an extended layoff in the fourth quarter of 2007 indicated they anticipated some type of recall, about the same as last year.
The national unemployment rate averaged 4.6 percent, not seasonally adjusted, in the fourth quarter of 2007, up from 4.2 percent a year earlier. Private non-farm payroll employment, not seasonally adjusted, increased by 0.9 percent, or about 1.1 million, over the year.
For all of 2007, the total number of extended mass layoff events was 5,170, affecting 931,053 workers. While the total number of layoff events increased in 2007 from a year earlier, the number of separations decreased over the period.
Industry Distribution of Extended Layoffs
Manufacturing accounted for 24 percent of events and 27 percent of separations in the fourth quarter, largely in food manufacturing and transportation equipment manufacturing. Layoffs in the administrative and waste services sector accounted for 8 percent of all extended mass layoff events and 7 percent of separations. The layoffs in this sector were concentrated in landscaping services. Cutbacks in the finance and insurance sector accounted for 6 percent of events and separations and were primarily in the credit intermediation and related activities industry.
Construction industries experienced a record high number of extended mass layoff events (622) and separations (78,716) in the fourth quarter of 2007. The largest number of separations was in heavy and civil engineering construction (44,151, mostly associated with highway, street and bridge construction), followed by specialty trade contractors (22,559) and construction of buildings (12,006).
Information technology-producing industries (communications equipment, communications services, computer hardware, and software and computer services) accounted for 24 extended mass layoff events and 3,351 separations during the fourth quarter of 2007, the lowest figures reported for any quarter since 2000.
Read the full report and view all of the data tables by clicking on the link below:
http://www.bls.gov/news.release/mslo.htm
Among the seven categories of economic reasons for layoff, the completion of seasonal work accounted for the highest share of events (42 percent) and number of separations (119,325) in October-December 2007. Layoffs due to business demand reasons had the next highest proportion of events (34 percent). The only category of economic reasons for which the number of separations increased over the year was financial issues.
Sixty-one extended mass layoff events involved the movement of work and were associated with the separation of 10,076 workers. These events accounted for 7 percent of the non-seasonal layoff events and non-seasonal separations.
Permanent closure of worksites occurred in 8 percent of all extended mass layoff events, the lowest proportion reported since collection began in 1996. Events involving permanent closures affected 27,723 workers, down from 43,158 separations reported during the fourth quarter 2006. Fifty-six percent of employers reporting an extended layoff in the fourth quarter of 2007 indicated they anticipated some type of recall, about the same as last year.
The national unemployment rate averaged 4.6 percent, not seasonally adjusted, in the fourth quarter of 2007, up from 4.2 percent a year earlier. Private non-farm payroll employment, not seasonally adjusted, increased by 0.9 percent, or about 1.1 million, over the year.
For all of 2007, the total number of extended mass layoff events was 5,170, affecting 931,053 workers. While the total number of layoff events increased in 2007 from a year earlier, the number of separations decreased over the period.
Industry Distribution of Extended Layoffs
Manufacturing accounted for 24 percent of events and 27 percent of separations in the fourth quarter, largely in food manufacturing and transportation equipment manufacturing. Layoffs in the administrative and waste services sector accounted for 8 percent of all extended mass layoff events and 7 percent of separations. The layoffs in this sector were concentrated in landscaping services. Cutbacks in the finance and insurance sector accounted for 6 percent of events and separations and were primarily in the credit intermediation and related activities industry.
Construction industries experienced a record high number of extended mass layoff events (622) and separations (78,716) in the fourth quarter of 2007. The largest number of separations was in heavy and civil engineering construction (44,151, mostly associated with highway, street and bridge construction), followed by specialty trade contractors (22,559) and construction of buildings (12,006).
Information technology-producing industries (communications equipment, communications services, computer hardware, and software and computer services) accounted for 24 extended mass layoff events and 3,351 separations during the fourth quarter of 2007, the lowest figures reported for any quarter since 2000.
Read the full report and view all of the data tables by clicking on the link below:
http://www.bls.gov/news.release/mslo.htm
Labels: BLS, layoffs, manufacturing
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